Wynn Resorts Q3 Earnings & Revenues Miss Estimates, Stock Down

Core Viewpoint - Wynn Resorts, Limited reported lower-than-expected third-quarter 2024 results, with adjusted earnings and operating revenues missing consensus estimates, although the top line showed year-over-year growth while the bottom line declined [1][4][5]. Financial Performance - Adjusted earnings per share (EPS) were 90 cents, missing the Zacks Consensus Estimate of $1.17 by 23.1%, down from 99 cents in the prior-year quarter [4]. - Quarterly operating revenues were $1.69 billion, missing the consensus mark of $1.74 billion by 2.4%, but increased 1.2% year-over-year [5]. - Adjusted property EBITDAR was $527.7 million, slightly down from $530.4 million in the prior-year quarter [15]. Segment Performance - Wynn Palace's operating revenues declined to $519.8 million from $524.8 million year-over-year, with casino revenues flat at $418 million [6]. - Wynn Macau's operating revenues increased to $352 million from $295 million year-over-year, with casino revenues up 28.9% to $296.8 million [9][10]. - Las Vegas operations generated $607.2 million in revenues, down from $619 million in the prior-year quarter, with casino revenues declining 13.6% to $145.2 million [12]. - Encore Boston Harbor's operating revenues increased to $214.1 million from $210.4 million year-over-year, with casino revenues rising 1.8% to $158.7 million [14]. Operational Metrics - Revenue per available room (RevPAR) declined 12.7% year-over-year to $289, with occupancy levels at 98.3% compared to 96.9% in the prior year [8]. - In the VIP segment, table games turnover was $3.2 billion, up 11.6% year-over-year, while the win rate decreased to 3% from 3.4% [7]. - Table drop in the mass market segment was $1.69 billion, down from $1.73 billion in the prior-year quarter, with table game wins amounting to $404.3 million [7]. Cash Position and Debt - As of September 30, 2024, cash and cash equivalents totaled $2.41 billion, down from $2.88 billion as of December 31, 2023 [17]. - Total current and long-term outstanding debt was $11.79 billion, including $1.46 billion related to Wynn Las Vegas and $6.41 billion of Macau debt [17].